No one ever wants to think about death. Yet, it is one of life’s inevitabilities. We don’t know when or how, but we do know that it is going to happen at some time. It’s grim to think about, but necessary.
So why bring it up?
Well, the best way to prepare for death, is to ensure that the ones you leave behind are taken care of. Those you hold dear, could be so much worse off if you pass away without thinking of their wellbeing. This is one time in your life where you can’t afford not to insure.
Firstly there will be the costs of the funeral to take care of – which can be quite a big financial expense, and then, when everything quietens down, the costs of schools, food, clothing, housing and more still need attention. You should take into account that, should you have a child or elderly parent that you are financially responsible for; you will need to ensure that the money you leave behind will last for quite some time.
So what to do?
Life insurance was invented for this exact reason. When a provider passes away, life insurance is there to cover the costs of daily living, which include all the things mentioned above.
It is especially important to have life insurance when you own a property, as your untimely death will leave your loved ones with the responsibility of paying off your bond, without your regular income.
When you are the sole provider, this responsibility is even greater. What will happen to your nearest and dearest if you are no longer around? It’s a scary thought.
How to go about it?
There are many products out there that offer varying levels of protection. You need to go through each of them and find something that suits your unique needs. For instance – a young, single man may only want to leave his mother a few rands to help her in her old age, while a married mother might need to provide for her children for the next twenty years, until they become self-sufficient.
Process of growth
Once you’ve decided on a product and started investing, you need to do an annual check to see what type of cover you have. Have your responsibilities changed, did you perhaps become a parent, or did you come into some inheritance? When your situation changes, your life insurance should follow suit.
The final word
Whatever your specific needs and situation, ensure that you take care of those you love, even after you’re no longer there to provide for them in person. Consider life insurance – it just makes sense.Tags: inheritance, life insurance, prepared
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